said the nation’s housing market is faring even worse than recent headlines suggest, with the Bay Area and the West suffering the most.
The once-hot housing market is cooling fast as mortgage rates soar. The 30-year fixed rate recently stood at 5.55%, up from 3.22% at the start of the year. Mortgage rates are expected to move even higher after Federal Reserve Chairmansaid on Aug. 26 that the central bank will continue to raise interest rates to fight inflation.
Looking closely at the latest Case-Shiller numbers, Vitner notes that all 20 cities in the index saw prices moderate.
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